ISB appoints new dean, as Rao resigns

Indian School of Business appointed a new dean in place of Mendu Rammohan Rao on Thursday, whose role in Satyam as director was questioned after he failed to stand up for shareholders' interest.

Rao has been replaced by deputy dean Ajit Rangnekar, ISB sourcs said here.

Calls were made by several quarters for Rao's resignation after he failed to oppose Satyam's move to acquire two Maytas firms promoted by Chairman Ramalinga Raju's family. The deal was aborted after strong opposition from institutional investors.

Rao resigned from Satyam Board after the abortive deal, but stayed on as dean of the prestigious B-school.